Budget 2026: Taxpayers Seek Higher Deductions for Pension, Insurance, Senior Citizen Relief

• Taxpayers anticipate increased deductions and retirement security in the upcoming Union Budget 2026.
• Demand for higher Section 80D deduction for health insurance premiums, proposing INR 50,000 for self/family and INR 75,000 for senior citizen parents due to rising medical inflation.
• Call to make Provident Fund (PF) to National Pension System (NPS) transfers tax-free and increase employee contribution limits to NPS for better retirement planning.
• Advocacy for extending Section 80TTB interest deduction and higher basic exemption to senior citizens under the new income tax regime, along with an overall increase in their basic exemption limit.
• The government aims to promote the new tax regime, necessitating reforms to address taxpayer challenges and foster a tax-friendly retirement corpus.

Why It Matters: Taxpayers expect Budget 2026 to boost deductions for health insurance, pension, and provide relief for senior citizens.